Business Standard

Sebi mistook Valcambi's Editda as revenue; all records submitted: REL

Gold jewellery maker and exporter Rajesh Exports Ltd, currently under the regulator Sebi's scanner, on Wednesday said that of the several thousand clarifications sought by the regulator over the past two-and-a-half years, only nine remain unresolved - with the alleged Rs 15.15 lakh crore revenue inflation query being one of them. "All the other eight questions are minor. Even this ninth question is absolutely minor. SEBI has found certain things suspicious and needs more documents," said Rajesh Mehta, founder and Chairman of the company, told PTI in an interview. Sebi, in an interim order, held that Rajesh Exports inflated its consolidated revenues by Rs 15.15 lakh crore over FY21FY25 by attributing outsized revenues to overseas subsidiaries - particularly Switzerland-based Valcambi SA - despite the subsidiary's audited standalone financials showing only a fraction of those figures. The regulator flagged what it called a prima facie misrepresentation of the company's financial ...

Go to News Site

Google Play

App Store